Equitable Life Assurance Society of the United States v. King

On June 18, 1925, the appellant insurance company issued a policy of insurance to appellee in the sum of $2,000. The quarterly premiums in the amount of $28.40 were payable on the 18th day of each September, December, March and June. The policy provided that if the insured became permanently disabled she would be entitled to an annuity to be paid at the rate of $20 per month.

The policy provided that “a grace of thirty-one days, subject to an. interest charge at the rate of five per cent, per ¡annum, will be granted for the payment of e^ery premium after the first, during which period the…